Limited liability companies (LLCs) are very popular today as a form of organization. Assume a client asks
Question:
Limited liability companies (LLCs) are very popular today as a form of organization. Assume a client asks you to explain what this type of organization is all about. Prepare a brief description of the federal income tax aspects of LLCs.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
Limited liability companies LLCs are generally taxed as partners...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Question Posted:
Students also viewed these Business questions
-
As stated in the text, the federal income tax is the largest revenue-producing tax in use in the United States. Why do you think the income tax produces more revenue than any other tax?
-
What is the federal income tax base?
-
Assume the federal government replaces the federal income tax with a sales tax placed on all consumption expenditures. Analyze the impact of this tax change on taxation efficiency and equity. The...
-
Did you ever purchase a bag of M&??s candies and wonder about the distribution of colors? Did you know in the beginning they were all brown? Now, peanut M&Ms are 12% brown, 15% yellow, 12% red, 23%...
-
A trading company has eight computers that it uses to trade on the New York Stock Exchange (NYSE). The probability of a computer failing in a day is 0.005, and the computers fail independently....
-
Figure P \(5=37\) displays the response of a circuit to a square wave signal. The response is a periodic sequence of exponential waveforms. Each exponential has a time constant of \(1.6...
-
The following control procedures over purchases and cash disbursements transactions are prescribed by the Merlin Company: 1. Approved purchase order for each purchase. 2. Prenumbered receiving report...
-
Approximately 14 million Americans are addicted to drugs and alcohol. The federal government estimates that these addicts cost the U.S. economy $300 billion in medical expenses and lost productivity....
-
Trucks are required to pass through a weighing station so that they can be checked for weight violations by an inspector. Trucks arrive at the station according to a Poisson distribution at the rate...
-
Over the past few years the percentage of students who leave Lakeland College at the end of the first year has increased. Last year Lakeland started a voluntary one-week orientation program to help...
-
Discuss what is meant by the term double taxation of corporations. Develop an example of double taxation using a corporation and shareholder.
-
For flow-through entities, such as partnerships, how does the tax law use partner basis adjustments to prevent double taxation of partnership income?
-
Excel is used to find the mean and standard deviation of a discrete probability distribution and the results are as follows: = 2.0 and = -3.5. Can these results be correct? Explain.
-
A company owns a 5-year-old turret lathe that has a book value of $20,000. The present market value of the lathe is $16,000. A new turret lathe can be purchased for $45,000. Using a before-tax...
-
Allen Construction purchased a crane 6 years ago for \($130,000.\) They need a crane of this capacity for the next 5 years. Normal operation costs \($35,000\) per year. The current crane will have no...
-
Clear Water Company has a down-hole well auger that was purchased 3 years ago for \($30,000.\) O&M costs are \($13,000\) per year. Alternative A is to keep the existing auger, which has a current...
-
A specialty concrete mixer used in construction was purchased for \($300,000\) 7 years ago. Its annual O&M costs are \($105,000.\) At the end of the 8-year planning horizon, the mixer will have a...
-
Milliken uses a digitally controlled dyer for placing intricate and integrated patterns on manufactured carpet squares for home and commercial use. It is purchased for \($400,000.\) Its market value...
-
List the two elements a firm must assess before looking externally i.e. the micro environmental factors.
-
The senior management at Davis Watercraft would like to determine if it is possible to improve firm profitability by changing their existing product mix. Currently, the product mix is determined by...
-
How many dependency exemptions are the following taxpayers entitled to, assuming the people involved are U.S. citizens? Which dependents qualify for the child credit? a. Andrew supports his cousin...
-
Juan and Maria, who have two young children, are in the process of obtaining a divorce. Juan expects to have $200,000 of income each year while Maria expects to have $60,000 of income each year....
-
Bill and Mary plan to marry in December 2015. Bills salary is $32,000 and he owns his residence. His itemized deductions total $12,000. Marys salary is $39,000. Her itemized deductions total only...
-
How can you use your understanding of diversity to develop your relationship-building skills in your healthcare career?,Explain ways in which religion can help or hinder individuals as they build...
-
A Quality Management System, often called a QMS, is a set of internal rules that are defined by a collection of policies, processes, documented procedures, and records. This system defines how a...
-
1. Mr. Alvis, the director of Match Lighting, has found himself with sorts of emails including customer complaints about incorrect order deliveries, periodic reports on products, stock, and sales,...
Study smarter with the SolutionInn App